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General Fund Transfers The Operating Budget includes annual transfers by $5.2 million in FY 2019/20 and $5 million in FY 2020/21 to the Capital Improvement Program (CIP). In addition to this, the General Fund transfers include operating subsidies to the Paratransit program, Storm Drain Fund, and Cemetery Fund as well as transfers from the General Fund to the Water and Sewer Funds to fund the senior and low income water and sewer discounts. Under Proposition 218, one classification of water customers can not subsidize another; therefore, if the City desires to provide senior and low income discounts to their customers they must fund the discounts through the General Fund of the City. Finally, there is a transfer from the Golf Course Fund to the General Fund of the net operating income from the Callippe Preserve Golf Course to repay the General Fund loan originally established for the development of the Golf Course. CONCLUSION The proposed Two Year Operating Budget is balanced. The Operating Budget provides funding for the programs and goals identified as priorities by the City Council. Staff recommends that the Council adopt the Operating Budget as presented. The budget book will be finalized upon receipt of the signed City Council resolution approving the FY 2019/20 and FY 2020/21 Operating Budget. Staff will continue to monitor the progress of the economy, review revenues and expenditures quarterly, and report back to the Council, if and when, additional budget adjustments are required over the next two years. Furthermore, a detailed mid-term update will be conducted and presented to Council in June 2020 along with mid-year reviews in February 2020 and 2021. Submitted by: Approved by: �N v Tina Olson Nelson Fialho Director of Finance City Manager Attachments: 1 . Resolution Page 5 of 5